In his opening remarks at the Kansas City Fed’s Jackson Hole Symposium, US Federal Reserve Chairman Jerome Powell stated that restrictive monetary policy will be needed until inflation slows sustainably. According to Powell, the central bank will be ready to raise interest rates further if deemed appropriate, but will proceed with caution.

Although the price of Bitcoin (BTC) initially fell a few dollars on the dovish tone of Powell’s remarks, it has since moved slightly positive at $26,200. The move may not be surprising, as bitcoin’s price action has been trending downward in the days leading up to the Jackson Hole event, and traders expect Powell to continue his focused approach of bringing inflation back to the central bank’s 2% target. According to the CME FedWatch tool, market participants estimate the likelihood of another rate hike by the central bank at its September meeting at about 20%, nearly the same rate as before the previous Powell speech. A check of traditional markets shows US stock indexes gaining around 0.5%. The 10-year Treasury yield remains virtually unchanged near a 16-year high of 4.22%. Additionally, the US dollar index and gold price remained almost unchanged during the session.